【正文】 在那些很少建制造工廠的工業(yè)化國家，中國將把工廠建于那里，出口配額和其他反傾銷措施，或是那個國家配額權(quán)比較容易獲得。眾所周知，中國在低成本勞動力資源和勞動密集型產(chǎn)品上具有比較優(yōu)勢。榜樣的公司包括中國天然石油天然氣集團(tuán)公司（ CNPC）、蘇丹的一家合資石油生產(chǎn)工廠（加拿大、馬來西亞以及當(dāng)?shù)氐睦媸且黄鸬模⑿录悠?、上海寶鋼?6 家合資企業(yè)的擁有者，在澳大利亞、巴西和南非進(jìn)行鐵礦開采和鋼鐵交易的）、中國化工進(jìn)出口公司以及中國海洋石油總公司（ CNOOC） 。 二、 中國對外直接投資的動機(jī) 8 在這一部分，我們從已經(jīng)確定的總的中國對外投資的數(shù)據(jù)的歷史和現(xiàn)今趨勢來分析中國跨國公司國際化動機(jī)的動機(jī)。其次，更好地利用全資的子公司可能反應(yīng)改善了的投資基金的可用性。在 2020年 61%的海外分支機(jī)構(gòu)在批準(zhǔn)的項(xiàng)目中采取獨(dú)資的形式，然而在 1991年只有 30%。國際合資企業(yè)熟悉的成本和風(fēng)險最小化特征對投資審批機(jī)構(gòu)也變得重要起來。其中一個原因是這樣的公司很少擁有專有技術(shù)和知道如何進(jìn)行多數(shù)或全部所有權(quán)內(nèi)部化。 reduce the risk of opportunistic behaviour by alliance partners and allow for full appropriation of returns on investment (Buckley/Casson 1976). Both the investment approval agencies and enterprises will have found such advantages attractive, despite the costs and risks associated with full ownership. Second, greater use of whollyowned af?liates may re?ect improved availability of investment funds. Government initiatives under the ?go global? (Zou chuqu) policy have released capital to stateowned ?rms (often at below market rates) in the form of loans and improved access to hard currencies, to help them ?nance the outright purchase of foreign assets (Antkiewicz/Whalley 2020). Many Chinese enterprises are also now skilled at raising investment funds on international capital markets, especially in Hong Kong (Buckley et al. 2020, Chan 1995). Thus, many Chinese ?rms are no longer obligated to reduce investment cost by undertaking an IJV. Third, the growth in international market entry by acquisition will have led Chinese enterprises to establish more whollyowned subsidiaries in foreign markets rather than jointlyowned projects. The standard theoretical model of “Asian ODI” suggests that China is not unusual among Asian countries in using wholly owned subsidiaries more frequently over time (Pang/Komaran 1985, Euh/Min 1986, Yeung 1994). However, caution should be exercised in assuming that this mirrors improvements in the managerial capacity and petitiveness of Chinese MNEs: greater deployment of majority and whollyowned foreign operations may also be more a function of the government?s desire to retain effective control of state assets abroad and a growing con?dence in its ability to do so than of purely ?rmspeci?c or marketrelated considerations Motives for Chinese Outward FDI In this section, we relate historic and emergent trends in aggregate Chinese ODI data identi?ed above to changes in the motivations driving the internationalisation of Chinese MNEs. Dunning (1993) identi?es four basic motivations that provide the impetus for foreignowned production and are discussed below: namely, naturalresource seeking, marketseeking, ef?ciencyseeking and strategic assetseeking motives. 4 Natural ResourceSeeking FDI Backward integration to acquire or secure the supply of speci?c locationbound resources and modities abroad for domestic consumption has been the predominant driver of Chinese outward FDI since the late 1970s (Taylor 2020). More recently, China?s rapid economic growth over the past decade has fuelled what some say is an almost insatiable demand for raw materials and other